Binance has been fined $10 billion by the Nigerian government as its crackdown on the cryptocurrency trading platform gets more intense.
The announcement coincides with frantic efforts to preserve the value of the Naira, the country’s currency.
In an interview with the BBC on Friday, Bayo Onanuga, President Bola Tinubu’s Special Advisor on Information and Strategy, disclosed this.
CBN Governor Raises Alarm Over $26 Billion Through Binance Nigeria
In Nigeria, Onanuga claims, Binance made significant profits from its “illegal transactions,” while the country sustained enormous losses.
He asserted that the cryptocurrency platform is not present or registered in Nigeria and that users have fixed dollar-naira exchange rates on it at will.
Onanuga made hints that the Binance team had already stopped naira-related transactions on the platform and was working with the Nigerian authorities by giving helpful information.
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